I have an IVA which a third £8200, with the IVA costs it has now increased to £11,922. When I spoke with the company who I have the IVA with they said it would be £17,000 lump sum to pay it off. I feel like the third party company that helped me arrange the IVA may have been keen for me to take the IVA because they probably made commission on it. I may have the opportunity to move which would reduced my rent by £300, I have been informed by the third party company that if i do this I will then over pay my IVA and therefore it would fail and would have to go down the bankruptcy option. Is this true?
This sounds like a lot of bunkum ---- you cannot overpay your IVA ! It would simply end early if you ever hit that figure ( which is full original debt, plus fees and statutory interest).
Who is this third party company and why are you still conversing with them ? You should now be dealing direct with the IVA provider.
There is a difference between settling an IVA in full ( paying off the remaining balance of debt, fees and statutory interest ) and ending early with a full and final offer (paying the remaining agreed payments in a lump sum).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I'm not sure what you mean by "which a third £8200"?
I'm also not sure what you mean by "with the IVA costs it has now increased to £11,922."
What are you trying to achieve - are you trying to out forward a full and final offer to settle the IVA early, or do you think you will end up finishing early naturally because you will pay the total debts, interest and costs in full?
My short video here briefly explains the difference between f&f and full settlement. https://youtu.be/h4dozq9aGak
